August 2016 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - Sept. 8, 2016) - Housing starts in the Oshawa Census Metropolitan Area (CMA) trended higher at 2,740 in August 2016 compared to 2,535 in July 2016 according to Canada Mortgage and Housing Corporation (CMHC).The trend is a six month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts.

"New home starts in Oshawa continued its robust pace in August. As affordability declines in neighbouring Toronto CMA, more buyers continue to flock to Oshawa and its surrounding communities in search of lower priced homes," said Andrew Scott, CMHC's Senior Market Analyst for the GTA.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR improved to 2,363 units in August 2016 from 1,698 in July 2016. While single-detached and rows also registered some growth, apartment starts were the main source of strength this month.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.